“We want capitalism and market forces to be the slave of democracy rather than the opposite” – Thomas Piketty
In today’s Nigeria, a newly ravaging squad is the federal government’s ill-motivated lottery of allowing the market forces invasion to impose the price of fuel even after subsidy withdrawal. If this nasty gambling is sustained, there will be more fatal injuries for the people, perhaps, some may even commit faith suicide and regret being nationals of Nigeria, where its wealth is more of a curse than blessings.
Some formidable forces are propelling Nigeria towards imminent precipice and anarchy. We need to carefully contain and conquer them. They are the advancing forces of poverty, inflation, insecurity and unemployment, sending stern warning and releasing the missiles of escalating social dislocations.
Horrifyingly, they are re-enforced with the market forces artillery. But the government is aloof and blind as to the potential havocs of market forces regarding fuel price on these forces of underdevelopment. These are moments for indepth thinking and re-thinking for the evolution of many ideas to produce the best idea. We can only triumph through wealth of ideas and not poverty of ideas.
Prior to that arbitrary decision of withdrawing fuel subsidy, the government failed to explore two viable alternatives for our betterment, the resuscitation of our moribund refineries and the deployment of the political will to deal with fuel subsidy scammers. Yet, the government awarded itself the laurel of adopting a ‘tough’ decision by removing subsidy, which is currently inflicting ‘ tough’ pains. It was overtly unheroic as it deliberately failed to approach any of the two cited options which would have been tougher but would have balanced our quest for responsive leadership and fulfilled followership.
The invisible market forces doom can undo economic harm to the protagonists of the ruling class. But why is it that the oppressed elements are always sacrificed to bear the brunt of economic measures meant to stabilise the economy? The masses are not responsible for our economic doom, but see how they carry the sins of others. For long, we have answered the call of unquantifiable and ‘unsubsidised’ sacrifices. What are the monumental sacrifices of the members of the ruling class? Many of them are truly economic parasites of the nation. When market forces are searching for slaves, the masses are the fragile victims.
Where are we now? Our mighty house is in trouble, split between market forces party and moral forces party. The market monopoly gang insists that we must be subjected to be the wretched of democracy, a democracy which cannot make fuel affordable to us in a country that is the largest producer of oil in Africa and the sixth in the world. The moral forces camp will not allow market forces to continue contaminating moral economy. This moral campaign ought to be elevated but is blatantly ignored for want of political will and double-standard.
While Malcolm Brown prioritises that without morality, the market economy will destroy itself, the federal government is unconcerned with any morality in marketing of fuel. We are really in trouble! Also, an aide to the Archbishop of Canterbury, in his book, ‘ Capitalism: Time for a New Deal,’ argues that moral awareness, coupled with an end to monopolies, is crucial for our future economic well-being
To eradicate these ‘dehumanising’ and ‘marauding’ market forces which cannot distinguish between those who earn N30,000 and those who swallow up millions of naira in a month, the discriminating forces that cannot establish two separate markets for the referred groups, Adams Smith’s moral philosophy will suffice. In his book, ‘The Theory of Moral Sentiments,’ he observes that sympathy is a human virtue that is essential for a just society, but market forces lack a face of piety. For him, empathy amongst people must emanate from our imagination of how we would feel in the circumstances of others.
Also drawn from Smith’s ‘ The Wealth of Nations,’ he stresses that while markets serve economic needs, they can only operate properly in a moral context. Many modern economists emphasise the need for egalitarian policies that will unite people to counterweight the detrimental influence of market forces. We must be careful how market forces are alienating some of our leaders from observing moral practices.
Indeed, Nigerians are groaning under the severe persecution of fuel price hike. Invariably, what Smith articulates is that if the architects of this policy were in our predicament, how would they feel and react? The other time, President Bola Ahmed Tinubu decried the creation of two Africas. But in less than two months, he has created two classes of Nigerians: the vast compatriots who are slaves to market forces and subsidy abrogation and the few Ogas immunised against market forces and subsidy removal virus.
Politically, the crux of the matter complicating fuel pricing is the presumption by our leaders that they regard themselves as morally superior to others and for the arrogance by which they think they know the people’s interests and needs better than the people do themselves. They have forgotten that they are not the best in the country, but are opportune to be leaders because it is Allah’s wish.
Recall how they were recently at the mercy of talakawa, the kingmakers of political leaders, spending sleepless nights, cajoling for votes. But here we are. They are now treated like abandoned properties and slaves, who do not matter in policy implementation that does not augur well for their prosperity. This bad policy was permeated by a lack of respect for the people. What a turn of events! If I were to propose a main theme for our next election, aspiring candidates must pledge to revive our refineries. This cannot work only if our leaders’ political will is gruesomely murdered.
Reflecting on Charles Correa’s mesmerising philosophy that, ‘Market forces do not make cities, they destroy them,’ I believe that these forces are cementing the foundations of poverty, culminating in crimes, which are an urban calamity with a legacy of ruining the beauty of cities. When cities are devastated by terrorism as in Nigeria’s many cities, you can imagine the level of destructive power of market forces that creates abject poverty, which consequently triggers some people into various forms of criminalities.
Finally, the battle line has been drawn. Morality, after all, shall never die. Serious economists are now sceptical about the immorality of market forces and have shifted loyalty to morality for a decent economic domain.
Abdullahi writes from Ringim, Jigawa state via [email protected]
